Cap Expert Reveals Broncos' Path to Surviving a Russell Wilson Release
The Denver Broncos are projected to be $27.2 million above the cap once they get 51 players under contract in 2024. Between that and what will likely be Russell Wilson's release from the team, it would appear the Broncos will be in a big cap crunch for the coming season.
However, the Broncos do have some flexibility to clear cap space and become compliant. This could be accomplished through restructures, releases, trades or a combination of these factors.
Jason Fitzgerald at Over the Cap examined every NFL roster to see which teams have the most salary cap flexibility. He did this by looking at what each team could do through either gutting the roster or through a lot of restructures.
First, Fitzgerald examined each team for players who could be released to gain at least $1M in cap space. The Broncos have 10 such players who could be cut, which would give them $66.7M in cap savings.
Fitzgerald noted that the Broncos are among the top five teams in this scenario. This is because the Broncos have multiple players who will enter the final year of their contracts in 2024. Among them are left tackle Garett Bolles, safety Justin Simmons, wideout Tim Patrick, and D.J. Jones.
As for restructures, Fitzgerald looked at every veteran contract, converted base salaries and roster bonuses into signing bonuses and pro-rated them for five years. If he got at least $1M in cap savings, he considered that player worthy of a restructure.
The Broncos have 13 such players, which could provide more than $106M in cap savings if they were all restructured. Restructures are more likely to happen with recent signings, such as Zach Allen, Ben Powers, and Mike McGlinchey.
Though it's not likely the Broncos will do a lot of restructures, they have the flexibility to become cap compliant. Other ways to gain cap space are to extend players in the final years of their contracts or trade players.
I would suspect the Broncos will make a couple of cuts besides Wilson and may restructure one or two contracts. Denver may also extend a player or two, or it could trade somebody.
While it's true the Broncos would have to fill a roster hole for each player they cut or trade, they could do so through low-cost free agents rather than making a splash. Also, if the Broncos trade a player, that should net them a draft pick for a replacement.
But the picture Fitzgerald illustrated demonstrates how every team has the means to become cap-compliant, including the Broncos. Denver has the flexibility to get under the cap, so fans don't have to worry about that situation.
If you would like to learn more about Fitzgerald's exercise, you may want to check out his most recent podcast.
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